One of the most important benefits of choosing an arbitration as a dispute resolution mechanism is the enforceability and finality of the arbitration awards. After the completion of the limitation period or after the disposal of the petition challenging an arbitration award, the arbitration award becomes like a court decree. The said award can be enforced like a court decree through the judicial system of a country. The challenging of an arbitration award is also not a full fledged appeal, it is a very limited appeal restricted to certain grounds including natural justice, public policy etc., In the challenge proceedings, the re- appreciation of evidence or going into the merits of the decisions of the arbitrator are not permissible. Hence the arbitration awards attain finality faster than the civil court proceedings and also enforceable like a court decree.
Enforcement of Foreign arbitration awards in India: India and 148 other countries of the world are signatories to New York convention on recognition and enforcement of foreign arbitrations awards. The said convention got the member countries to recognise the awards passed in the seats of other member countries and recognise them on reciprocity basis. Because of the above said Convention now arbitration awards are globally recognised. Hence foreign arbitration awards passed in a seat situated in a New York convention country, recognised on reciprocity basis, is enforceable like a final court decree, in India. The law governing the said enforcement proceedings is Arbitration and Conciliation Act, 1996. Part II of the said act governs the enforcement proceedings in India against an Indian party or an asset owned by a foreign party situated in India. The firm has enforced many foreign arbitration awards in India
Enforcement of Arbitration awards passed in India against a party in India: Any award arising out of an arbitration seated in India including an International arbitration is a domestic award and can be challenged under S.34 of the Arbitration and Conciliation Act, 1996. Either after the completion of the challenge proceedings or after the limitation period, the award becomes enforceable through the civil courts in India against an Indian party. The firm, being an expert arbitration law firm, it has handled many such enforcement proceedings.
Enforcement of an Indian Arbitration award against a Foreign Party: As stated above India is a signatory of New York convention on Recognition and enforcement of foreign arbitration awards, many countries recognise the arbitration awards passed in India and enforce them in their country. Arbitration awards passed in India can be challenged only in India and a foreign court while enforcing the award it can only refuse enforcement on very limited grounds. Hence arbitration awards passed in an Indian seat is enforceable in many countries. We assist parties to enforce arbitral awards in about 41 countries across the Globe through our Associate law offices